Tag Archives: HDB

Minister: Bridging loans will increase flat prices

Posted on 16 Sep 2009 | Comments Off on Minister: Bridging loans will increase flat prices

Loans to help buyers pay cash-over-valuation?

ARE HDB resale prices rising too quickly, a situation worsened by exorbitant cash-over-valuation (COV) requests?

That is the hot topic among many Singaporeans over the past few months, as they find the booming property market pushing flat prices beyond their reach.

Several of them have voiced their grievances in letters to the media, and now netizens have started an online petition urging the Government to do something to curb the rises.

COV rises when buyers are willing to pay more than the market value of the resale flat, which is determined by professional valuers.

This issue was raised in Parliament yesterday when Dr Lim Wee Kiak, MP for Sembawang GRC, raised the question of whether COV was a significant barrier for those buying resale HDB flats.

He asked whether there should be an alternative.

‘Many people are CPF-rich but cash-poor when they want to buy a flat,’ he said. Continue reading →

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Lease Buyback: Nod for 82 out of 409 applications

Posted on 16 Sep 2009 | Comments Off on Lease Buyback: Nod for 82 out of 409 applications

THE Housing Board has so far approved 82 applications out of 409 received for its Lease Buyback scheme.

Some applicants have been asked to delay their application while a small percentage have been rejected as they do not meet the criteria.

National Development Minister Mah Bow Tan gave the update – the figures are up to the end of last month – in a written reply released yesterday.

Mr Mah was responding to Nominated MP Terry Lee, who asked about the public response to the scheme and how many applicants were rejected.

Under the scheme introduced in March, the HDB will buy back the tail-end of a flat’s lease at market rate, leaving a 30-year lease for the household.

It pays market valuation for the lease and this money goes to the new CPF Life annuity scheme in the flat owner’s name. A $10,000 subsidy is also given – half in cash and half into CPF Life.

Mr Mah noted that there is plenty of interest in the scheme, with the HDB receiving more than 2,000 queries. Continue reading →

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